GoldBod targets $1.2bn November FX, earmarks $800m for banks to ease dollar pressure

The Ghana Gold Board (GoldBod) is targeting US800 million earmarked for sales to commercial banks, the Board announced on Monday.

The projection follows the generation of US$1.011 billion from ASM gold trading in October, all of which was sold to authorised commercial banks through the GoldBod GoFX platform to support stability in the foreign exchange market . The November target represents an increase of approximately 18.7 per cent over October's performance .

The November allocation represents about two-thirds of the projected FX proceeds, with sales to be conducted through the GoFX platform under the Board's approved FX Sales and Intermediation Framework.

A structured framework for banks

The framework, rolled out in early October, provides authorised commercial banks with predictable and transparent access to US dollars through twice-weekly spot sales on Tuesdays and Thursdays . Where demand exceeds the available tranche, allocations are made on a pro-rata basis to ensure equitable distribution. Transactions are settled same-day, with the dollar leg completed by 3:00 p.m. and the cedi leg by 4:00 p.m.

To prevent speculation, participating banks must declare that their requests are backed by actual unmet FX demand or evidence of a short position, and comply with Bank of Ghana regulations . The central bank has real-time access to the GoFX platform and receives transaction reports after each sale.

GoldBod's maiden spot sale in early October moved approximately US282 million in weekly sales , and by the Governor's own account, roughly US$452 million had been sold to banks since the beginning of October .

Reserve rebuilding amid pressure

The November projection comes as Ghana continues efforts to strengthen foreign exchange supply and build its external reserves. GoldBod said it would continue supporting the Bank of Ghana's reserve accumulation efforts under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a gold-backed framework unveiled by Finance Minister Dr Cassiel Ato Forson in February 2026 .

The Board's operations are anchored in its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for foreign exchange generation through the country's gold trade. GoldBod CEO Sammy Gyamfi has been at pains to clarify that the Board is not "trading" foreign exchange but simply selling the dollars it earns from gold operations in exchange for cedis .

The timing is significant. Ghana's gross international reserves fell by about US11.07 billion, cutting import cover from 5.7 months to 4.2 months . The decline was compounded by GoldBod's suspension of gold exports from mid-August, which the Bank of Ghana identified as a key risk to the foreign exchange position .

Bank of Ghana Governor Dr Johnson Asiama has praised GoldBod's contribution, saying he wondered why the institution had not been established earlier. "We want to focus on reserve build-up while GoldBod supports with FX intermediation as well as some level of intervention for the market," he said in October, while insisting the central bank retained its capacity to intervene when necessary .

What it means for the cedi

The planned US$800 million allocation is expected to provide commercial banks with additional foreign exchange during November. Its impact on market conditions will depend partly on the timing of the sales and the distribution of the proceeds across the banking system.

The Governor has expressed confidence that Ghana remains on track to achieve six months of import cover by December 2026 under its Policy Coordination Instrument, with reserves being built to strengthen resilience against external shocks, including a significant decline in international gold prices .

For businesses and consumers, the November sales offer a measure of predictability in a market that has seen considerable volatility in recent years. Whether that translates into a calmer Christmas for the cedi, as the Governor promised earlier this week, will become clearer as the month's sales unfold.